CDSL is one of the best stock to get listed in recent times.It had also left a lot on table. With next year EPS at 9-10 & huge opp size n increasing due to increasing financialization of savings,proposed inclusion of academic certificates,insurance policies it will keep on increasing.Its a superb combo of annuity & transaction business.
Its a cash machine duopoly throwing lot of cash n hence dividend which will keep on increasing.Its a buy n forget type of stock like Crisil IMHO. NSDL might not get listed as NSE stake is already at 24% while BSE had to reduce its holding to 24% from 50% due to regulatory concerns.hence scarcity premium will remain high.
Risks - remain valn shooting up due to scarcity premium,cagr slowing down,increasing competitive intensity with nsdl,co losing service tax case with GOI,govt further delaying its budget 2014 proposal for all citizens to have a single DP.LIC remain non cooperative wrt insurance policies etc
But positive outweigh negatives imho & I bought it on listing